TechM - Traders become emotional - Levels are emotion free @455

592 14
I have a question before we begin with the analysis - If you are wearing red & unfortunately had to face a bull - What happens? What will be bull's reaction - Some would say common don't joke -it will hit you why because you are wearing red- so let us see what makes bull attack.

Bulls like any other animal is colour blind & reason for attacking could be -we irritate bull by waving the red cloth or wearing red ourself & moving left & right frequently.

So, you realise bulls are not our enemy - emotions are. Leaving this topic for all of us to ponder over the Sunday, let us move into analysis.

Hope we trade & make decisions leaving emotions out.

Why do I give key levels - is it just for fun no- That is a level which has been determined because it must have acted as an important level in prior sessions.

In last week's session, 455-456 zone acted twice as important resistance & prices were not able to cross that zone convincingly so, taking a long position even after knowing that it is facing hurdle in the zone - as a trader you are inviting trouble.

One has to read between the lines - smart trader should have taken sell because risk is small 2-4 points & gaining maximum out of the trade being in the sell camp.

Trading Strategy
Zone of 454-456 is an important zone & TechM moving above that zone only will open new zone on upside.
Apr 13
Trade closed manually: 13th April2017

This update was done to show the importance of levels. In this case it was 457-455 double top zone.
Best Regards,
Abhishek H. Singh, CMT
​Growth Director - India
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
doesn't seem it will reach to that level again and form a triple top and then go down. Looks down and if it reaches that level again, bad idea to short. I'll look for long then as its more likely it will break that.
@dravya, I never said we will take short again- above that if goes it is a better long call.
dravya AbhishekHSinghCMT
@AbhishekHSinghCMT, I never blamed you Big Brother ! What you analyzed is perfect ;) I was just giving my opinion on what I think about it :)
@dravya, No, I can understand -you are not blaming - This event was all past & written to just communicate that 454-455 was very strong level unless it crosses above that & holds then only long position to be taken.
dravya AbhishekHSinghCMT
@AbhishekHSinghCMT, Yes ! you have particularly mentioned
" Zone of 454-456 is an important zone & TechM -0.83% moving above that zone only will open new zone on upside."

suggesting long above that :D

But what I am putting forward is seems weak for very short term. and may take time to cross those levels on the upside again.
@dravya, That could be possible.
shiv2798 AbhishekHSinghCMT
@AbhishekHSinghCMT, I view it completely different sir , as I can see in daily charts the long term support line is very near to CMP that is 409/419, so investor would like to wait until the Price Makes it to long term support so that they can take some time for accumulation and restart the rally , I also feel this because investors think rationally and make every move the technical analysis think or do reading , its only because when they accumulate they need buyers , so I do like to wait and see weather the cycle of old historical price action is about to begin
@shiv2798, Above 454-455 the scene will change -don't you think so.
shiv2798 AbhishekHSinghCMT
@AbhishekHSinghCMT, Yes sir I think , Exactly what you are trying to say , Yes I also believe your explanation is strong and holds the current information , if the price gaps down , then I would be looking to the stock would reach the PRZ of support , if Price moves up then I will be joining the party and shell get you also Pizza or cake
Thanks sir
Thanks Abhishek.
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